Wednesday, February 24, 2016
Jim Rogers is Short the NASDAQ Composite via ProShares UltraShort QQQ (ETF)
James West: Jim, why don’t we start with a quick overview of your take on what are the macro factors causing the current meltdown on the S&P 500 and Dow Jones industrial average?
Jim Rogers: James, the markets in, let’s use the US to make it simpler, have had virtually no significant corrections in seven or eight years, which is very unusual. That’s because of massive amounts of money printing originating in Washington, DC, and massive amounts of debt and spending, deficit spending originating in Washington, DC. And the rest of the world copied us, and now all the major central banks – Japan, Europe, and Britain – are all printing staggering amounts of money, so we have an unprecedented artificial ocean of liquidity floating around the world which has obviously gone into shares, but that cannot go on, James. We have to pay the price.
We’ve had economic slowdowns in the US every four to seven years since the beginning of the Republic; we’re going to have them again, and perhaps they’re starting. And I’m not the only one who realizes there’s a problem; the market’s getting it too. So if you’re looking for a single culprit, look to Washington, DC. But James, we’re all going to get hurt. A lot of people have made mistakes in the last seven or eight years, and we’re all going to suffer.
Listen to the Full ocastInterview here : http://www.midasletter.com/2016/02/jim-rogers-on-shorting-the-nasdaq-composite-via
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.
Who is Jim Rogers ?
James "Jim" Rogers was born in Oct. 19, 1942 and grew up in Demopolis, Alabama .Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendry investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%. They ran what is considered to be one of the first truly global macro hedge funds. . In 1964 he got his first job on Wall Street at Dominick & Dominick in the summer between high school and Yale University, that's how he got his first experience with stocks and bonds. He immediately fell in love with the job. After Oxford, he returned to the U.S. and joined the army in 1970 he returned to Wall Street, working again with Dominick & Dominick. That same year he joined Arnold S. Bleichroeder, where he met George Soros, and together founded the Quantum Fund. This has opened a new era of global macrotrading and inspired numerous imitations and spin-offs. In the book "Money Masters of Our Time," Jim Rogers writes about that time "the most important thing in my life was work. I did not do anything until I had completed my work." To emphasize this professional ethic , it is good to remember that he did not made any holiday for ten years. In 1980, Jim Rogers has decided to "retire" at 37 years. Since then he has spent much of his time traveling and supporting the causes of philanthropic and taking on many high profile roles in the media. However, he continues to be an active investor and media commentator